AUD/USD: Dwindling bets for a drop to 0.6500 – UOB

Hold on to your seats folks! AUD/USD bulls are ecstatic as they celebrate the largest daily gains seen since early February, hovering around the 0.6665-70 hurdle during the early hours of Monday in Europe. However, the Aussie pair's latest inaction has been causing quite a stir in the market as traders scramble to understand what's happening. Could this be linked to its struggle to overcome the five-week-old descending resistance line? And what's with the broadly risk-on mood and the weakened US Dollar? So many questions, so few answers!

The resistance posed by the five-week-old descending resistance line has left traders perplexed and scrambling to make sense of the situation. Will the bullish momentum of the AUD/USD pair continue or is this just a fleeting moment of excitement? The ambiguity surrounding the situation is causing a great deal of uncertainty and unpredictability in the market.

Adding to the burstiness of the situation is the market's overall optimistic sentiment towards risk, coupled with the weakened state of the US Dollar. What could this mean for the future of the AUD/USD pair? Will it continue to experience upward momentum or will the optimism fade away, leaving traders scratching their heads once again?

In conclusion, the AUD/USD pair's recent activity has left the market in a state of perplexity and burstiness. The resistance posed by the five-week-old descending resistance line, coupled with the broadly risk-on mood and the weakened US Dollar, has traders scrambling for answers. The future of the AUD/USD pair remains uncertain, leaving traders on the edge of their seats, waiting to see what will happen next.